The Springfield Police Department is warning residents to stay vigilant of cryptocurrency scams after more than $1.2 million in total losses across 53 reported scams last year.
Detectives successfully recovered $109,389 during the year, according to a press release. SPD encourages residents to act quickly when they believe they have been targeted by a cryptocurrency scam. Victims can file a report by calling 417-864-1810 or visit police headquarters at 321 E. Chestnut Expressway, Monday through Friday, from 7 a.m. to 5 p.m.
“Many victims feel ashamed for falling for a scam and will choose to quietly suffer,” Financial Crimes Detective Mark Stewart said in the release. “Criminals are very good at what they do. Victims are not alone.”
As cryptocurrency scams become increasingly sophisticated and widespread, SPD encourages residents to watch for the following red flags:
- Promises of guaranteed or high returns: If it sounds too good to be true, it probably is because legitimate investments do not promise risk-free profits.
- Urgent demands, limited time offers or pressure to act fast: Scammers create artificial pressure to rush decisions that prey on emotions.
- Requests for advance payment or fees: Especially when payment is requested in cryptocurrency like bitcoin.
- Unsolicited messages from unknown contacts: These may come via text, email, social media, or dating apps.
- Instructions to keep the interaction secret: Isolation is a common tactic used in fraud.
- Impersonation of government agencies, businesses or romantic partners: Fake identities are frequently used to build trust.
- Unfamiliar platforms that block fund withdrawals: Scam platforms may simulate investment growth but prevent access to funds.
- Requests for sensitive information: Never share wallet credentials, remote access, account information or private keys.